Michaels, the arts and crafts specialty retailer based in Irving, Texas, priced shares for its IPO late Thursday at $17 a share, raising $473 million. Michaels CEO Chuck Rubin talks to TheStreet on why now was a good time for it to go public, how social media is great for business because it is "inspiring people to go out and make things on their own." Rubin sees the opportunity for Michaels to not only attract that enthusiast crafter but novice customers. Two months ago Michaels launched its e-commerce platform, but Rubin says that for Michaels, digital commerce cannot replace the bricks-and-mortar experience.

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